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Trump under fire over 'huge tax cut for the rich'

April 27, 2017

The Guardian -------- The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes for businesses large and small – including his own – eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2tn-plus cost of the proposal. Critics immediately called it “basically a huge tax cut for the rich”. The plan would cut the US’s individual income tax brackets from seven to three (10%, 25% and 35%) and slash US corporate tax rates from 35% to 15%. “We have a once-in-a-generation opportunity to do something really big,” said Gary Cohn, chief economic adviser to Donald Trump. “This is about growing the economy, creating jobs.” To learn more click on the picture below to read the article.

 

 

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